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Portfolio Management, According to Statements from the President of Petrobras, Raises Investment Estimates for the 2019-2023 Period by Over US$ 20 Billion and Divestments by Over US$ 8 Billion
The president of Petrobras, Roberto Castello Branco, stated yesterday (06/11) that the company plans to invest US$ 105 billion in the next five years.
The amount represents an increase of US$ 20.9 billion compared to the US$ 84.1 billion disclosed last December in the 2019-2023 business plan, but divestments have also increased, according to the president, rising from US$ 26.9 billion to US$ 35 billion.
It is worth noting that in December of last year when the 2019-2023 Business Plan was released, the current president was not yet leading the company.
According to information from the company’s press office, the president of Petrobras referred to the change in values as “portfolio management”.
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The Increases
The 2019-2023 program was already exceeding the previous one by almost US$ 10 billion, with investments in the oil and gas exploration and production sector, the company’s priority, receiving the largest share.
“The best of Petrobras is deep and ultra-deep water oil exploration. Petrobras has highly qualified human capital; we have the best engineers and technology. The same cannot be said for mature oil fields, on land and in shallow waters,” declared Castello Branco.
Regarding divestments, the values have been revised, due to the decision of the Supreme Court that congressional approval will not be required for the sale of refineries.
The previous plan did not foresee selling the eight refineries in their entirety.
Petrobras signed a term yesterday (06/11) with CADE that provides equal conditions for all competitors in the purchase of refineries, aiming to prevent the formation of cartels in the sector.
